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Real Options Conference 2024
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Full Program

If you would like to create a personalized program, check the boxes next to the sessions you would like to attend, then click the Create My Program button at the bottom of the page. You may then save or print your personalized program through your browser.

Thursday, 11 July 2024
8:00am - 8:45am
8:45am - 9:00am
9:00am - 10:10am
Public Infrastructure: Overview and Applications
Luiz Brandao, PUC-Rio Brazil and University of Texas at Austin, United States
Public Infrastructure and Applications In North America and The Eu
Yuri Lawryshyn, University of Toronto, Canada
Mitigation of Demand Risk In Ppp With Funding Via Risk Sharing: The Case of Rio Airport In Brazil
Liliana Dennis Mejia Sanchez, PUC-Rio, Brazil
Luiz Brandão, PUC-Rio and University of Texas at Austin, United States
Carlos Bastian-Pinto, PUC-Rio, Brazil
10:10am - 11:10am
Minimum-Revenue Guarantee Levels In Ppp Projects: An Application To Transportation Infrastructure
Glaucia Fernandes, COPPEAD/UFRJ, Brazil
Naielly Marques, IAG/PUC-Rio, Brazil
Jim Dyer, University of Texas at Austin, Brazil
Luiz Brandao, IAG/PUC-Rio, Brazil
Flexibility In Bidding Strategies Among Consortia In Brazil
Gláucia Fernandes Vasconcelos, UFRJ, Brazil
Alexandre Scarcioffolo, Denison University, United States
Carlos Bastian-Pinto, PUC-Rio, Brazil
Infrastructure Strategy and Design: The Failure of Centralization
Sarah von Helfenstein, Value Analytics & Design LLC, United States
11:10am - 11:40am
11:40am - 12:30pm
12:30pm - 2:00pm
2:00pm - 3:00pm
Safety Risk Mitigation In Oil & Gas: An Application To An Oil Refinery
Marcelo Guedes Pecly, PUC-Rio, Brazil
Carlos Bastian-Pinto, PUC-Rio, Brazil
Leonardo Lima Gomes, PUC-Rio, Brazil
Valuation of Co2 Storage Buffer In Hydrocarbon Well Recovery Projects
Ibrahim Kadafur, Heriot-Watt University, United Kingdom
Use of Real Options In Practice: The Legal Case of International Arbitration Over The Loss of A Mining Project
Graham Davis, Colorado School of Mines, United States
3:00pm - 4:00pm
Use of Sensitivity Analysis In Real Options Studies
Abid Nahiyan Alam, Queen's University, Canada
Mariia Kozlova, LUT University, Finland
Julian Scott Yeomans, York University, Canada
Comparing Simulation-Based Methods: Case Applications In Finland
Santeri Liukkonen, LUT Business School, Finland
Mariia Kozlova, LUT Business School, Finland
Roman Stepanov, LUT Business School, Finland
Julian Scott Yeomans, Schulich School of Business, Canada
Real-Time Information Systems For Dynamic Management
Mikael Collan, LUT University, Finland
Jyrki Savolainen, LUT University, Finland
4:00pm - 4:30pm
4:30pm - 5:30pm
Session Chair: Yuri Lawryshyn, University of Toronto, Canada

Luiz Brandao (PUC-Rio, Brazil & University of Texas at Austin, United States)

Sarah von Helfenstein (Value Analytics & Design LLC, United States)

Mikael Collan (LUT University, Finland)

Graham Davis (Colorado School of Mines, United States)

Artur Rodriques (University of Minho, Portugal)

6:00pm - 7:30pm
Friday, 12 July 2024
9:00am - 10:15am
Session Chair: Yuri Lawryshyn, University of Toronto, Canada
Real Options: Added Returns Versus Added Risk
Arkadiy Sakhartov, University of Illinois at Urbana-Champaign, United States
Discussant: Yuri Lawryshyn, University of Toronto, Canada
Valuing Pay-For-Success Contracts In Social and Financial Innovation: A Put Spread Formula
Andreas Andrikopoulos, University of Piraeus, Greece
Andrianos Tsekrekos, Athens University of Economics and Business, Greece
Discussant: Arkadiy Sakhartov, University of Illinois at Urbana-Champaign, United States
Using Reinforcement Learning To Value Multi-Factor Option Mining Projects
Yuri Lawryshyn, University of Toronto, Canada
Reilly Pickard, University of Toronto, Canada
Discussant: Andrianos Tsekrekos, Athens University of Economics and Business, Greece
Session Chair: Yishay Maoz, Open University, Israel
Assessment of Risk Sharing Mechanisms In Ppp Concessions: An Application In Road Infrastructure In Brazil
Naielly Marques, PUC-Rio, Brazil
Katia Rocha, Institute of Applied Economic Research (IPEA)., Brazil
Discussant: Yishay Maoz, Open University, Israel
Investment and Financing Decisions Under Constrained Demand In Infrastructure Projects
Paulo J. Pereira, University of Porto, Portugal
Artur Rodrigues, University of Minho, Portugal
Discussant: Naielly Marques, PUC-Rio, Brazil
Irreversibility, Uncertainty, and The Optimal Finance of Public Goods
Yishay Maoz, The Open University, Israel
Discussant: Artur Rodrigues, University of Minho, Portugal
10:15am - 10:45am
10:45am - 12:15pm
Session Chair: Dean Paxson, University of Manchester, United Kingdom
Competitive Real Option Portfolio Risk In A Duopoly
Dean Paxson, University of Manchester, United Kingdom
Roger Adkins, University of Manchester, United Kingdom
Alcino Azevedo, University of Aston, United Kingdom
Discussant: Laura Delaney, Kings College London, United Kingdom
How do Suppliers' Market Power Changes Affect A Buyer's Investment Decisions?
Benoit Chevalier-Roignant, Emlyon Business School, France
Stéphane Villeneuve, Toulouse School of Economics, France
Discussant: Dean Paxson, University of Manchester, United Kingdom
Market Vs Consensus Negotiation Mechanisms For The Adoption of Industry Compatibility Standards
Laura Delaney, Kings College London, United Kingdom
Tarik Driouchi, Kings College London, United Kingdom
Discussant: Benoit Chevalier-Roignant, EMLYON Business School, France
Session Chair: José Carlos Dias, ISCTE, Portugal
Sustainable Agriculture Balancing Build-To-Suit Contract and Carbon Prices: An Application To "Green Cattle" and Farming In Brazil
Marina Lins de Carvalho, UFRJ, Brazil
Gláucia Fernandes Vasconcelos, UFRJ, Brazil
Discussant: Karolis Matikonis, UUniversity College Doublin, Ireland
Investment In Circular-Economy Additive Manufacturing: An Application To Furniture Smes
Antonio Piepoli, Politecnico di Bari, Italy
Roberta Pellegrino, Politecnico di Bari, Italy
Pierpaolo Pontrandolfo, Politecnico di Bari, Italy
Discussant: Gláucia Fernandes Vasconcelos, UFRJ, Brazil
Subsidies and Sustainable Tourism: Balancing Demand Guarantees With Environmental Damage From Tourism
Luciana Barbosa, ISCTE - Instituto Universitário de Lisboa and Business Research Unit (BRU-IUL), Portugal
José Carlos Dias, ISCTE - Instituto Universitário de Lisboa and Business Research Unit (BRU-IUL), Portugal
Margarida Marques, ISCTE - Instituto Universitário de Lisboa, Portugal
Discussant: Antonio Piepoli, Politecnico di Bari, Italy
Navigating Dual Disruptions: The Impact of Brexit and Covid-19 On Uk Sme Investment and Growth
Karolis Matikonis, University College Dublin, Ireland
Byron Graham, Queen's University Belfast, United Kingdom
Discussant: José Carlos Dias, ISCTE, Portugal
12:15pm - 2:00pm
2:00pm - 3:15pm
Session Chair: Elettra Agliardi, University of Bologna, Italy
Evolution and Trends of Real Options Under Incomplete Markets: A Bibliometric Review
Rafael Gomez-Gomez, Universidad de Manizales - EGADE Business School, Colombia
Eliana Morales Zuluaga, Universidad de Manizales, Colombia
Discussant: Motoh Tsujimura, Doshisha University, Japan
Optimal Management of Biodiversity Preservation Under Uncertainty and Ambiguity Aversion
Elettra Agliardi, Department of Economics, University of Bologna, Italy
Rossella Agliardi, Department of Mathematics, University of Bologna, Italy
Willem Spanjers, Faculty of Business and Social Sciences, Kingston University, United Kingdom
Discussant: Rafael Gomez-Gomez, Universidad de Manizales, Colombia
Optimal Strategies For Information Updating, Learning and Investment Under Knightian Uncertainty
Junichi Imai, Keio University, Japan
Motoh Tsujimura, Doshisha University, Japan
Discussant: Elettra Agliardi, University of Bologna, Italy
Session Chair: Carlos Bastian-Pinto, PUC-Rio, Brazil
Flexible Use of Green Hydrogen: An Application of The Option To Switch Between Hydrogen and Ammonia In Brazil's Renewable Energy
Antonio Intini, Politecnico di Bari, Italy
Sidnei Oliveira-Cardoso, PUC-Rio, Brazil
Carlos Bastian-Pinto, PUC-Rio, Brazil
Roberta Pellegrino, Politecnico di Bari, Italy
Discussant: Frank Heinz, RWTH Aachen University, Germany
Optimal Timing and Scale of Investment In Hydrogen Infrastructure: Is The Hydrogen Fuel Cell Truck A Better Option?
Oana Ionescu, Grenoble INP/GAEL, France
Alain Kibangou, UGA/Gipsa Lab, France
Discussant: Carlos Bastian-Pinto, PUC-Rio, Brazil
Energy Transition Policy Options
Frank Heinz, RWTH Aachen University, Germany
Reinhard Madlener, RWTH Aachen University, Germany
Discussant: Oana Ionescu, Grenoble INP/GAEL, France
3:15pm - 3:45pm
3:45pm - 5:00pm
Session Chair: Elizabeth Whalley, University of Warwick, United Kingdom
An Incumbent and Challenger's Options In Patent Litigation Under Different Legal Rules
Danmo Lin, University of Warwick, United Kingdom
Du Liu, East China Normal University, China
Elizabeth Whalley, University of Warwick, United Kingdom
Discussant: Paulo J. Pereira, University of Porto, Portugal
Optimal Entry Deterrence By An Incumbent Under Uncertainty
Richard F. Hartl, University of Vienna, Austria
Peter Kort, Tilburg University, Netherlands
Stefan Wrzaczek, IIASA, Laxenburg, Austria
Discussant: Elizabeth Whalley, University of Warwick, United Kingdom
Interaction of Dividend Policy and Merger Dynamics
Paulo J. Pereira, University of Porto, Portugal
Artur Rodrigues, University of Minho, Portugal
Discussant: Peter Kort, Tilburg University, Netherlands
Session Chair: Jan-Michael Ross, Imperial College, United Kingdom
The Option To (re)develop Or Abandon A Mature Depreciating Oil Field
Maher Al-Sharea, Heriot-Watt University, United Kingdom
Discussant: Jan-Michael Ross, Imperial College, United Kingdom
Learning, Uncertainty Reduction and Optimizing The Location of Delimitation Wells In Hydrocarbon E&p
Wellington Nascimento, PUC-Rio and Petrobras, Brazil
Marco Pacheco, PUC-Rio, Brazil
Marco Dias, PUC-Rio, Brazil
Carlos Bastian-Pinto, PUC-Rio, Brazil
Luiz Brandão, PUC-Rio and University of Texas at Austin, United States
Discussant: Maher Al-Sharea, Heriot-Watt University, United Kingdom
Firm Capabilities and Experience In Reactivating Idled Resources: The Case of Oil & Gas Drilling Rigs In Texas
Toby Li, Texas A&M, United States
Jan-Michael Ross, Imperial College London, United Kingdom
Jeffrey J. Reuer, University of Colorado Boulder, United States
Discussant: Wellington Nascimento, PUC-Rio and Petrobras, Brazil
5:15pm - 6:00pm
Session Chair: Andrea Gamba, University of Warwick

Dr. Andrea Gamba is Professor of Finance and Chair of the Finance Group at Warwick Business School. Dr. Gamba has held visiting and research appointments at leading institutions such as NYU, Purdue University, University of Calgary, University of Maryland, and London Business School.

His primary research focus lies within corporate finance, with secondary interests in banking, derivatives, financial contracting, and econometric theory. Within the realm of real options literature, his key contributions encompass various aspects: from developing numerical techniques for valuation and structural estimation of real options models, to exploring the interplay between real options and corporate financing strategies, risk management, and firm savings policies, to the implications of such interplay for the pricing of corporate securities and the derivatives written on them. Dr. Gamba's work has been published in leading finance journals, including the Journal of Finance, Review of Financial Studies, Journal of Financial Economics, and Management Science. Dr. Gamba serves as an associate editor for the Journal of Corporate Finance and Decisions in Economics and Finance. Dr. Gamba is an esteemed educator with expertise in diverse topics such as corporate finance, derivative pricing and investments, taught across all levels of education.

Beyond academia, Dr. Gamba has provided consultancy services on real options valuation for companies like SwissCom, Cable & Wireless, and BHP Billiton. Furthermore, he has offered litigation support on derivative pricing for leading financial institutions including Unicredit, UBS, Lehman Brothers, and insurance companies like Cattolica Assicurazioni.

Saturday, 13 July 2024
9:00am - 10:40am
Session Chair: Jacco Thijssen, University of York, United Kingdom
Optimal Timing and Scale For Adopting Green Technology
Nicos Koussis, Frederick University, Cyprus
Florina Silaghi, Universitat Autònoma de Barcelona, Spain
Discussant: Jacco Thijssen, University of York, United Kingdom
A Target Zone Model For Corporate Debt
Massimiliano Marzo, University of Bologna, Italy
Francesco Baldi , University of Bologna, Italy
Discussant: Nicos Koussis, Frederick University, Cyprus
Add-On Service Quality and Preemption With Non-Savvy Consumers
Keizo Mizuno, Kwansei Gakuin University, Japan
Kohei Daido, Kwansei Gakuin University, Japan
Discussant: Massimiliano Marzo, Bologna University, Italy
Capacity Investment and Market-Driven Price Caps In Electricity Markets
Jacco Thijssen, University of York, United Kingdom
Discussant: Keizo Mizuno, Kwansei Gakuin University, Japan
Session Chair: Peter Kort, Tilburg University, Netherlands
Integrating Generative Artificial Intelligence and Human Interaction In R&d Management
Du Liu, East China Normal University, China
Discussant: Anne Balter, Tilburg University, Netherlands
The Timing and Terms of Mergers For Organically Growing Firms
Riccardo Calcagno, Polytechnic University of Turin, Italy
Richard Ruble, Emlyon Business School, France
Discussant: Du Liu, East China Normal University, China
Incorporating Charitable Endowment In Financing Sustainable Infrastructure Ppp Projects: The Case of Islamic Bonds In The Economic Development of Emerging Countries
Wahyu Jatmiko, Southampton University, United Kingdom
Rafal Wojakowski, Surrey University, United Kingdom
M. Shahid Ebrahim, Durham University, United Kingdom
Novriana Sumarti, Institute of Technology Bandung, Indonesia
Discussant: Richard Ruble, EMLYON Business School, France
Innovation and Product Positioning: When To Add Or Replace
Anne Balter, Tilburg University, Netherlands
Claudia Nunes, Instituto Superior Tecnico, Portugal
Diogo Pereira, Instituto Superior Tecnico, Portugal
Peter Kort, Tilburg University, Netherlands
Discussant: M. Shahid Ebrahim, Durham University, United Kingdom
10:40am - 11:15am
11:15am - 12:15pm
Session Chair: Dean Paxson, University of Manchester

Peter Kort (Tilburg University, Netherlands)

Du Liu (East China Normal University, China)

Richard Ruble (EMLYON Business School, France)

Arkadiy Sakhartov (University of Illinois at Urbana Champaign, United States)

Jacco Thijssen (University of York, United Kingdom)

Elizabeth Whalley (University of Warwick, United Kingdom)


 


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